“Sister Mu” boldly predicts that Bitcoin will reach a maximum of $1.5 million
On Thursday, Cathie Wood (Cathie Wood), founder of Ark Investment, predicted that Bitcoin would reach a maximum of $1.5 million per bitcoin. At the same time, she expected the Ark 21Shares Bitcoin ETF to attract $4 billion in capital inflows.
Soon after the Ark 21Shares Bitcoin ETF application was approved, Wood livestreamed on social media to discuss the latest developments. She confirmed her previous predictions for Bitcoin's price, which is expected to exceed $1 million.
Wood is optimistic about the future of Bitcoin. She cites Bitcoin's upcoming halving and Bitcoin's supply cap of 21 million as reasons. In an interview with the media in November 2023, Wood expressed confidence in Bitcoin's potential to expand, putting forward a basic scenario forecast of $600,000 to $650,000, and a bullish scenario driven by increased scarcity.
According to her analysis, under an optimistic scenario, the world's largest cryptocurrency could reach a value of between $1 million and $1.5 million each.
Recently, Wood said her fund is actively engaging with various agencies, including state pension funds and treasurers, to secure initial investment in the Ark 21Shares Bitcoin ETF (ARCB.US). Unlike Ark, which usually focuses on retail investors, the ARCB fund will target institutional investors exclusively.
Wood acknowledged that institutional investors often go through a longer and more thorough due diligence process. Although she envisioned the inflow of funds of $4 billion as a significant achievement, she did not provide a specific timeline for this goal.
Wood highlighted the potential impact of institutional investors on Bitcoin's price after receiving Bitcoin exposure through exchange-traded funds (ETFs). This insight highlights the ever-changing dynamics of the cryptocurrency market intersecting with institutional participation.
She said, “I think a lot of people are looking forward to a 'good news' event right now; we probably won't have a 'good news' because once you've heard it enough times, the pricing is complete. So who knows? This is very short term, and the only thing we know is that in our five-year investment time frame, we think inflows from this new asset class, especially institutional inflows, will drive the price higher as Bitcoin becomes more scarce.”
Wood also criticized SEC Chairman Gensler's statement. Gensler previously stated, “Although we approved the listing and trading of certain spot Bitcoin ETP shares today, we have not approved or endorsed Bitcoin. Investors should be cautious about the various risks associated with bitcoin and its value.”
In response, Wood said in an interview that he couldn't believe it. “He just devalued the whole crypto sector,” she said. I just can't believe it. This is the usual practice for disruptive innovation.” She described the situation as “old genes basically attacking new genes,” and emphasized the widespread curiosity surrounding the cryptographic field. Wood sees this as the norm in the field of disruptive innovation.
Soon after the Ark 21Shares Bitcoin ETF application was approved, Wood livestreamed on social media to discuss the latest developments. She confirmed her previous predictions for Bitcoin's price, which is expected to exceed $1 million.
Wood is optimistic about the future of Bitcoin. She cites Bitcoin's upcoming halving and Bitcoin's supply cap of 21 million as reasons. In an interview with the media in November 2023, Wood expressed confidence in Bitcoin's potential to expand, putting forward a basic scenario forecast of $600,000 to $650,000, and a bullish scenario driven by increased scarcity.
According to her analysis, under an optimistic scenario, the world's largest cryptocurrency could reach a value of between $1 million and $1.5 million each.
Recently, Wood said her fund is actively engaging with various agencies, including state pension funds and treasurers, to secure initial investment in the Ark 21Shares Bitcoin ETF (ARCB.US). Unlike Ark, which usually focuses on retail investors, the ARCB fund will target institutional investors exclusively.
Wood acknowledged that institutional investors often go through a longer and more thorough due diligence process. Although she envisioned the inflow of funds of $4 billion as a significant achievement, she did not provide a specific timeline for this goal.
Wood highlighted the potential impact of institutional investors on Bitcoin's price after receiving Bitcoin exposure through exchange-traded funds (ETFs). This insight highlights the ever-changing dynamics of the cryptocurrency market intersecting with institutional participation.
She said, “I think a lot of people are looking forward to a 'good news' event right now; we probably won't have a 'good news' because once you've heard it enough times, the pricing is complete. So who knows? This is very short term, and the only thing we know is that in our five-year investment time frame, we think inflows from this new asset class, especially institutional inflows, will drive the price higher as Bitcoin becomes more scarce.”
Wood also criticized SEC Chairman Gensler's statement. Gensler previously stated, “Although we approved the listing and trading of certain spot Bitcoin ETP shares today, we have not approved or endorsed Bitcoin. Investors should be cautious about the various risks associated with bitcoin and its value.”
In response, Wood said in an interview that he couldn't believe it. “He just devalued the whole crypto sector,” she said. I just can't believe it. This is the usual practice for disruptive innovation.” She described the situation as “old genes basically attacking new genes,” and emphasized the widespread curiosity surrounding the cryptographic field. Wood sees this as the norm in the field of disruptive innovation.
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